4 Tips To Negotiate For A Better Loan

Here are some simple tips to help you negotiate a better home loan with the lender.

Get Multiple Quotes (1)

If your lender is unwilling to lower the interest rate you should try and get different quotes from other lenders. The odds are that you’ll find a better offer someone else. Revealing this to your current lender and implying the intent to move to another lender if you cannot find matching interest rates with him might convince them to give you a better deal. 

Serious Intent (2)

If you’re going to ask for a better interest rate actually on your mortgage lender is most likely to ignore such request. However if you stay persistent and convey that you are serious about taking the remortgage offer only if you get a better deal then they may feel more pressurised to consider your request. 

Skilful Communication (3)

When trying to negotiate for a better interest on your remortgage deal, it is important to handle the negotiations skilfully. Keep the communication basic and to the point. Put forward your request an expectation of the interest rate that you want on your mortgage loan and allow the lender to respond to your offer.

Do not talk or explain more than necessary as it is just as easy to talk yourself out of a good deal. Do not communicate what is not required. Inculcate the ability to stick to your point and to listen to what the lender is offering you without conceding to the terms and conditions that are undesirable you. 

Have A Good Credit and Payment History (4)

It is important to be in a position of power when trying to negotiate with a remortgage lender. Having a good credit score and payment history makes you a good lending risk. Mortgage lenders want business from borrowers who are a good lending risk as they represent a stable source of profit for them. Make sure that you have the leverage to call a certain amount of shots by keeping a shining credit rating.